HANOI, The Ministry of Trade expects rice exports this year to overshoot targets on the back of rising international demand and falling supplies from key exporters like India and Thailand.It expects exports to be around 3.9 million tonnes, 400,000 tonnes more than the target, and trade officials have urged rice exporters to firm stockpile plans with rice from the winter-spring crop to fulfil contracts on time.
Farmers in the northern and Mekong delta regions are selling winter-spring unhusked rice at VND1,700-1,900 and VND1,750-1,800 per kilo respectively though several exporters are selling them even lower.
The ministry has warned the exporters not to sign export contracts at lower than VND1,500 to prevent prices from plunging.
Exports in the first half of the year were 2.40 million tonnes, thanks to increasing demand from Iran, Nigeria, the Philippines, Indonesia and several African countries.
In an effort to encourage rice exporters to enter new and risky markets, the Trade Ministry has asked the Government to raise bonuses for the top performers this year.
The ministry expects the Asian market to absorb 50 per cent of Vietnam's rice exports, with the Middle East, Africa, Europe and the US all buying major quantities.